What is a plastic surgery loan?
A plastic surgery loan is a form of cosmetic surgery financing, which can be used for breast augmentation, liposuction, face lifts, and tummy tucks. The loan amount is determined by the type of procedure you want to have done, how much income you make, and your credit history.
Plastic surgery loans are designed to help people who want plastic surgery done but don’t have enough money saved. These loans let you borrow money from a bank or other lender and then use it as a down payment on your procedure. You pay back the loan over time, usually in monthly payments.
How can you get a plastic surgery loan?
A plastic surgery loan is an alternative way to finance your surgery and help ensure you get the care you need. Here are some steps to take when applying for a plastic surgery loan:
- The amount you want to borrow: You’ll need to decide how much money you’ll need for your procedure and then determine if this amount would be enough to cover all the costs associated with getting it done. These include the surgeon’s fee, anesthesia fees, operating room fees, and other related expenses like prescriptions and dressings. Make sure that these costs are included in your calculation, so there aren’t any surprises once the procedure is complete.
- Check credit history: Before applying for a plastic surgery loan, ensure your credit score is above 650. This will improve your chances of getting approved by lenders and save you time.
- Compare lenders: Plastic surgery can be a big investment, and it’s essential to ensure you’re getting the best possible deal when financing your procedure. When looking for a lender that meets your needs, compare as many rates and terms as possible before finalizing your decision.
- Pre-qualify: Start by pre-qualifying for your plastic surgery loan — this will let you know how much you can borrow and what rates you qualify for. You’ll want to choose a lender who offers the lowest rates available but also one that’s reputable and trustworthy. Rates vary depending on your credit score and a few other factors, but they typically start around 5% and go up.
- Pick a lender and apply: Once you’ve found a suitable lender, you can begin the process of applying for a loan. The lender may be able to give you an immediate answer once they receive all the necessary documents, and the green light from your doctor’s office confirming their requirements for surgery financing have been met.
When should you consider a plastic surgery loan?
Here are some reasons why you should consider getting a plastic surgery loan:
- Plastic surgery is expensive: Plastic surgery can be costly, especially if you want the best results possible. If you have been thinking about getting a facelift or breast augmentation, but don’t have enough money to pay for it all at once, then a plastic surgery loan may be right for you.
- Don’t have enough savings: The most obvious reason is that you don’t have big enough savings to cover the cost of your surgery. In this case, you might consider getting a loan from family members, friends, or a bank. However, if you have no other options and need to get the surgery done as soon as possible, then getting a plastic surgery loan might be your only option.
- No insurance coverage: Even if you have health insurance, it may not cover all of the expenses related to plastic surgery. For example, if you want breast implants or buttock augmentation, many health insurers will not cover these procedures because they are considered cosmetic rather than reconstructive. If your health insurance policy doesn’t cover your desired procedure(s), getting a loan can help pay for them upfront.
What are the pros and cons of a plastic surgery loan?
Pros
There are many benefits to financing your procedure with a plastic surgery loan, such as:
- Easy application process: The application process is straightforward, and once completed you will submit it to the lender. In most cases, approval is immediate and you’ll receive your funds within 24 hours via electronic transfer or check delivery.
- Flexibility: You can use the money for just about anything related to your plastic surgery procedure, from paying for hotel accommodations, to purchasing medical equipment, or transportation costs associated with getting there. You can also use the money for non-surgical cosmetic procedures that aren’t covered by health insurance, such as Botox or laser hair removal. You can also apply your loan towards cosmetic dentistry like teeth whitening and orthodontics.
- Personalized service: Plastic surgery loans are designed specifically for cosmetic surgery, so they are tailored for these specific needs in comparison to other types of loans. You can also choose from various repayment options and terms so that your loan fits your budget and lifestyle.
- Competitive interest rates: Plastic surgery loans have some of the lowest interest rates in the lending industry. You will have access to competitive interest rates and choose whether you want a fixed or variable rate based on your needs.
Cons
On the other hand, there can be some drawbacks to getting a plastic surgery loan, including:
- Your credit score could be negatively affected if you miss payments: Your credit score indicates what your payment habits have been like in the past, and can also project how you will manage your debts in the future. If you don’t pay back your plastic surgery loan in full, it can negatively affect your credit score and make it more difficult for you to get approved for future loans or credit cards.
- You will pay more than expected: The cost of a procedure is just the tip of the iceberg. The fees associated with a plastic surgery loan can accumulate quickly, and you should be prepared for them. Interest rates, processing fees, and origination fees can add up to thousands of dollars — on top of the cost of your surgery. Plus, if you have poor credit or have been turned down by a credit card company in the past, you may have to pay a higher interest rate on your loan.
Do plastic surgeons offer payment plans?
The short answer is yes; plastic surgeons do offer payment plans. The long answer is that many variables go into whether or not a plastic surgeon will work with you on a payment plan. There are a variety of procedures and surgeries that can be performed, so it’s essential you decide on want you want to get done before attempting to talk about financing options.
Since plastic surgery is a costly procedure, it can be difficult to find a plastic surgeon that is willing to work out a financial plan where you make payments. However, if you’re persistent, there are some options out there but it will be slim pickings. Moreover, they may not be as experienced as other high-profile plastic surgeons so that can be risky too.
Can you get a plastic surgery loan with bad credit?
If you have bad credit at the moment, you can still be eligible for specific plastic surgery loans. These types of loans are designed for people with less-than-perfect credit. However, some lenders may require a co-signer or collateral to secure the loan, but if you have a good income and a steady job then there is little to worry about.
Most people in this type of situation are able to find a personal loan lender that is willing to work with them, but some are more flexible than others.
How to choose the best plastic surgery loan
When choosing the best plastic surgery loan, remember to keep the following key factors in mind before finalizing your decision:
- Loan repayment terms: You want to ensure that the repayment terms are reasonable for your budget and that there aren’t any hidden fees or major penalties for late payments. The best way to do this is by carefully reading through each lender’s terms and conditions before securing a loan.
- APR: The APR is the interest rate charged on your loan, expressed as a percentage of the amount owed. The lower your APR, the better for you in the long run because you will save on interest charges over time.
- Customer service: When choosing to take on a plastic surgery loan, like any other debt, you want to confirm that you can contact your lender easily. Any potential concerns that may rise while you carry this debt can be answered by your lender. Read reviews on the lenders you are considering and what their service with current or former customers has been like. This could help you narrow down your options before finalizing a lender.